Leyton Orient takeover: Barry Hearn sells stake to Italian businessman Francesco Becchetti
The Italian takes over after weeks of negotiations over the 90 per cent stake
Monday 07 July 2014
Leyton Orient are under new ownership after long-serving chairman Barry Hearn sold his stake in the club to Italian businessman Francesco Becchetti.
Becchetti is head of renewable energy and waste management firm the Becchetti Energy Group and had previously been linked with takeovers at Reading and Italian outfit Bari.
After weeks of negotiations the 90 per cent shareholding was passed to Becchetti, who had been negotiating with Hearn for a number of weeks, on Monday.
The change in ownership brings to an end the 19-year reign at the League One side for the boxing promoter and chairman of promotions company Matchroom Sports who acquired a controlling stake back in 1995.
Hearn has resigned from the board of directors along with his son Eddie, Steve Dawson and David Dodd, while Matthew Porter has stepped down as chief executive but will remain with the O's.
Orient also confirmed they will announce the identities of their new board of directors in the near future.
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